China UAE payment cooperation project officially launched

The reporter learned from the People's Bank of China today (21st) that the launch ceremony of the China UAE payment cooperation project was recently held in Abu Dhabi, UAE, marking the interconnection of China UAE rapid payment systems, the first transaction of the "UnionPay Jaywan" dual brand card, and the official launch of the UAE Multilateral Digital Currency Bridge (JISR) project.

On the same day, the central bank governors of the two countries signed a memorandum of understanding between the People's Bank of China and the Central Bank of the United Arab Emirates on promoting cross-border payment connectivity between China and the UAE. Both sides will establish a regulatory framework for cross-border payment cooperation between China and Arab countries, realizing the interconnection of fast payment systems between the two countries, supporting enterprises and individuals from both countries to quickly process cross-border remittances online, improving the efficiency and service level of cross-border payments between China and Arab countries, and further facilitating bilateral economic and trade activities and personnel exchanges.

(CCTV reporter Sun Yan)

Source: CCTV News App